Indiana § 36-10-16-30 Lease requirements

Indiana Statutes

§ 36-10-16-30 — Lease requirements

Indiana·Title 36 LOCAL GOVERNMENT·Art. 10 RECREATION, CULTURE, AND COMMUNITY·Ch. 16 Midwest Continental Divide Commission

(a)Before a lease may be entered into by an eligible participant under this chapter, the eligible participant must find that the lease rental provided for is fair and reasonable.

(b)A lease of land or an economic improvement project from the commission to an eligible participant or Indiana nonprofit corporation:

(1)may not have a term exceeding twenty (20) years;

(2)may not require payment of lease rentals for a newly constructed economic improvement project or for improvements to an existing economic improvement project until the economic improvement project or improvements to the economic improvement project have been completed and are ready for occupancy or use;

(3)may contain provisions:

(A)allowing the eligible participant or Indiana nonprofit to continue to operate an existing

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(a) Before a lease may be entered into by
an eligible participant under this chapter, the eligible participant must
find that the lease rental provided for is fair and reasonable.
(b) A lease of land or an economic improvement project from the
commission to an eligible participant or Indiana nonprofit corporation:
(1) may not have a term exceeding twenty (20) years;
(2) may not require payment of lease rentals for a newly
constructed economic improvement project or for improvements
to an existing economic improvement project until the economic
improvement project or improvements to the economic
improvement project have been completed and are ready for
occupancy or use;
(3) may contain provisions:
(A) allowing the eligible participant or Indiana nonprofit to
continue to operate an existing economic improvement project
until completion of the acquisition, improvements,
reconstruction, or renovation of that economic improvement
project or any other economic improvement project; and
(B) requiring payment of lease rentals for land, for an existing
economic improvement project being used, reconstructed, or
renovated, or for any other existing economic improvement
project;
(4) may contain an option to renew the lease for the same or a
shorter term on the conditions provided in the lease;
(5) must contain an option for the eligible participant or Indiana
nonprofit corporation to purchase the economic improvement
project upon the terms stated in the lease during the term of the
lease for a price equal to the amount required to pay all
indebtedness incurred on account of the economic improvement
project, including indebtedness incurred for the refunding of that
indebtedness;
(6) may be entered into before acquisition or construction of an
economic improvement project;
(7) may provide that the eligible participant shall agree to:
(A) pay any taxes and assessments on the economic
improvement project;
(B) maintain insurance on the economic improvement project
for the benefit of the commission;
(C) assume responsibility for utilities, repairs, alterations, and
any costs of operation; and
(D) pay a deposit or series of deposits to the commission from
any funds available to the eligible participant before the start of
the lease to secure the performance of the eligible participant's
obligations under the lease; and
(8) must provide that the lease rental payments by the eligible
participant shall be made from the commission fund established
under section 28 of this chapter and may provide that the lease
rental payments by the eligible participant shall be made from:
(A) net revenues of the economic improvement project;
(B) any other funds available to the eligible participant; or
(C) both sources described in clauses (A) and (B).